On Tuesday, the former asset management branch of American International Group (AIG) inked one of Manhattan's largest office lease transactions this year.
PineBridge Investments signed a 15-year lease for 111,728 square feet at 399 Park Ave. The company is consolidating operations from 70 Pine St. (the AIG Building) and 277 Park Ave.
The transaction comes just a few days after Hong Kong's Pacific Century Group completed its $500 million purchase of PineBridge from AIG.
PineBridge's lease consists of both sublet and direct space. The company subleased 72,647 square feet from Legg Mason through September 2017 (which then becomes a direct lease) and leased 39,081 square feet directly from the landlord, Boston Properties.
Mitchell Steir, CEO and chairman of Studley, along with Matthew Barlow and David Goldstein, executive vice presidents, represented PineBridge. John Powers, chairman of CB Richard Ellis New York Tri-State Region, as well as Peter Turchin, executive vice president, and Gregg Rothkin, first vice president, represented Boston Properties. CBRE's Ken Rapp, vice chairman, and Christopher Mansfield, first vice president, represented Legg Mason in the sublease.
"Our client wanted the best available midtown location that would satisfy its specific space requirement as well as a highly respected landlord," said Steir. He noted that large floor plates at 399 Park and the existing condition of the space were key factors in PineBridge's decision.
Located in the Plaza District, 39-story, 1.7 million-square-foot office high-rise is home to many high-profile tenants like Studley and C.V. Starr & Co., both of which
to the building.
"Boston Properties has done a magnificent job positioning 399 Park Avenue as one of Manhattan's trophy buildings," said Mr. Powers. "The building's combination of premier quality space, along with market pricing, has resulted in a fully leased tower with strong and growing tenants."
PineBridge will occupy the entire 97,309-square-foot fourth floor and a 14,419-square-foot portion of the sixth late this summer.